MASTER 

NEGATIVE 
NO.  95-82503 


10 


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Struthers 


Author: 

Libbey 

New  York 

Title: 

Digest  of  inheritance  tax 
laws  and  list  of  principal. 

Place: 

New  York 

Date: 

191 


MASTER    NEGATIVE   # 


COLUMBIA  UNIVERSITY  LIBRARIES 
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Libbey  &  Struthers,  'New  York. 

Digest  of  inheritance  tax  laws  and  list  of  principal 
stocks  affected  by  their  provisions.  New  York  city,  Lib- 
bey &  Struthers,  1911. 

1  p.  1.,  76  p.    30}  X  12"». 


1.  Inheritance  and  transfer  tax — U.  S. 

Library  of  Congress  HJ5806.L5 
Copy  2. 


11-3633 


©Feb. 27, 1911;  2c.  Mar 
New  York,  N.  Y. 


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LIBRARY 


School  of  Business 


DIGEST  OF 
INHERITANCE  TAX  LAWS 

AND    LIST    OF   PRINCIPAL 

STOCKS  AFFECTED   BY 

THEIR  PROVISIONS 


1911 
LIBBEY  &   STRUTHERS 

BANKERS 
55  CEDAR  STREET,  NEW  YORK  CITY 


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FOREWORD 


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COPYEIGHT,  1911,   BY 

LIBBEY  &  STRUTHEES 


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During  the  last  few  years  there  has  been  a  con- 
stantly increasing  tendency,  on  the  part  of  the 
authorities  of  the  states  of  this  country,  to  impose 
inheritance  taxes  on  property  coming  within  their 
jurisdiction,  including,  in  many  cases,  not  only  all 
the  property  of  deceased  residents,  but  also  the 
shares  of  stock  of  domestic  corporations  which 
may  be  held,  at  his  death,  by  a  non-resident  of  the 
state.  From  the  laws  in  most  of  the  states  to-day, 
an  investor  will  best  protect  his  heirs  by  confining 
his  holdings  to  shares  of  corporations  organized 
solely  under  the  laws  of  the  state  of  his  residence 
and  to  coupon  bonds  of  corporations  wherever 
organized,  provided  the  bonds  are  kept  on  deposit 
in  the  state  of  his  residence. 

New  York  State,  whose  prominent  position 
lends  peculiar  significance  to  its  acts,  has  recently 
passed  a  law  imposing  a  tax  which,  under  certain 
conditions,  is  at  the  rate  of  25  per  cent,  of  any 
excess  of  the  value  of  a  bequest  over  a  specific 
sum.  Wisconsin  also  imposes  a  tax  which  under 
the  same  conditions  is  computed  at  the  rate  of  15 
per  cent,  on  such  excess  so  that  a  beneficiary,  other 

Libhey  (|  Struthers 


Digest  of  Inheritance  Tax  Laws 

than  a  near  relative,  receiving  property  by  the 
will  of  a  resident  of  New  York,  consisting  of 
shares  of  stock  of  a  Wisconsin  corporation,  would 
be  deprived  of  nearly  one-half  the  value  of  his 
bequest  in  excess  of  the  sum  specified. 

That  there  may  be  no  uncertainty  as  to  the 
comprehensiveness  of  the  statutes,  we  quote  be- 
low from  the  Wisconsin  tax  law. 

"  A  tax  shall  be  and  is  hereby  imposed  upon  any  transfer 
of  property,  real,  personal,  or  mixed,  or  any  interest 
therein,  or  mcome  therefrom  in  trust  or  otherwise,  to  any 
person,  association,  corporation,  excepting  county,  town 
or  municipal  corporations  within  this  state,  for  strictly 
county,  town  or  municipal  purposes,  and  corporations  of 
this  state  organized  under  its  laws  solely  for  reUgious, 
charitable,  or  educational  purposes,  which  shall  use  the 
property  so  transferred  exclusively  for  the  purpose  of  their 
organization  withm  the  State,  in  the  following  cases:— 

By  a  resident  of  the  state  1  When  the  transfer  is  by 
will  or  by  the  Intestate  laws  of  this  state  from  any  person 
dying  possessed  of  the  property  while  a  resident  of  the  state. 

Non-resident's  property  within  the  state.  2.  When  the 
transfer  is  by  will  or  intestate  laws,  of  property  within  the 
state  or  within  its  jurisdiction  and  the  decedent  was  a  non- 
resident of  the  state  at  the  time  of  his  death. 

In  contemplation  of  death.  3.  When  the  transfer  is 
of  property  made  by  a  resident  or  by  a  non-resident  when 
such  non-resident's  property  is  within  this  state  or  within 
its  jurisdiction,  by  deed,  grant,  bargain,  sale  or  gift  made  in 
contemplation  of  the  death  of  the  grantor,  vendor  or 
donor  or  intended  to  take  effect  in  possession  or  enjoyment 
at  or  after  such  death. 


Libhey  <%  Struthers 


} 


Digest  of  Inheritance  Tax  Laws 


On  clear  market  value.  6.  The  tax  so  imposed  shall 
be  upon  the  clear  market  value  of  such  property  at  the 
rates  hereinafter  presc  ibed  and  only  upon  the  excess  of 
the  exemptions  hereinafter  granted. 

Transfer  of  stock  by  foreign  executors.  11.  If  a  foreign 
executor,  administrator,  or  trustee  shall  assign  or  transfer 
any  stock  or  obUgations  in  this  state  standing  in  the  name 
of  a  decedent  or  in  trust  for  a  decedent,  Uable  to  any  such 
tax,  the  tax  shall  be  paid  to  the  treasurer  of  the  proper 
coimty  or  the  state  treasurer  on  the  transfer  thereof. 

Non-resident  decedent;  notice  of  transfer  to  attorney 
general.     No  safe  deposit  company,  bank,  or  other  institu- 
tion, person,  or  persons  holding  securities  or  assets  of  a  non- 
resident  decedent,  shaU  dehver  or  transfer  the  same  to  the 
executors,  administrators,  or  legal  representatives  of  said 
decedent,  or  upon  their  order  or  request  unless  notice  of 
the  time  and  place  of  such  intended  transfer  be  served  upon 
the  attorney  general  at  least  ten  days  prior  to  the  said 
transfer;  nor  shall  any  such  safe  deposit  company,  bank 
or  other  institution,  person  or  persons  dehver  or  transfer 
any  securities  or  assets  of  the  estate  of  a  non-resident 
decedent  without  retaining  a  sufficient  portion  or  amount 
thereof  to  pay  any  tax  which  may  thereafter  be  assessed 
on  account  of  the  transfer  of  such  securities  or  assets  under 
the  provisions  of  this  act  unless  the  attorney  general  or 
pubhc  administrator  consents  thereto  in  writing;  and  it 
shall  be  lawful  for  the  attorney  general  or  pubUc  admims- 
trator,  personally  or  by  representative,  to  examine  said 
securities  or  assets  at  the  time  of  such  delivery  or  transfer. 
Failure  to  serve  such  notice  or  to  aUow  such  examination 
or  to  retain  a  sufficient  portion  or  amount  to  pay  such  tax 
as  herein  provided,  shall  render  such  safe  deposit  company, 
trust  company,  bank  or  other  institution,  person  or  persons, 
Uable  to  the  payment  of  the  tax  due  upon  said  securities  or 
assets  in  pursuance  of  the  provisions  of  this  act." 


Lihhey  <%  Struthers 


Digest  of  Inheritance  Tax  Laws 


The  right  of  states  to  tax  bequests  made  by  non- 
resident decedents  on  shares  of  stock  of  domestic 
corporations  has  been  upheld  by  the  courts  on  the 
theory  that  the  situs  of  property  represented  by 
capital  stock  is  within  the  state  of  incorporation 
and  that  a  state  has  the  right  to  impose  conditions 
attending  succession  in  bodies  of  its  own  creation. 
In  such  cases,  the  tax  is  not  upon  the  property 
but  upon  the  right  of  succession  thereto,  being 
measured,  however,  by  the  value  of  the  property. 
It  may  be  stated  that  there  is  now  a  suit  pending 
brought  by  the  executors  of  the  estate  of  a  New 
York  decedent  contesting  the  right  of  the  State  of 
Wisconsin  to  impose  an  inheritance  tax  on  shares 
of  stock  of  one  of  its  domestic  corporations. 

The  right  to  tax  the  shares  of  stock  of  domestic 
corporations,  held  by  non-residents,  is  not  availed 
of  by  all  the  states  which  have  the  power.  In 
other  words,  some  corporations  organized  under 
Ohio  laws,  for  example,  require  only  the  tax 
waiver  of  New  York  State  as  an  essential  to  trans- 
ferring stock  of  a  New  York  decedent.  That  the 
right  to  tax  exists,  however,  is  beyond  question 
and  the  enforcement  is  becoming  more  general. 
We  quote  as  follows  from  a  letter  written  us  by 
the  General  SoUcitor  of  one  of  the  largest  Illinois 
corporations:  "Before  the  passage  of  the  present 


Libbey  S^  Struthers 


I  f 


Digest  of  Inheritance  Tax  Laws 

inheritance  tax  law  of  Illinois,  approved  June 
14th,  1909,  and  in  force  July  1st,  1909,  there  was 
much  laxity  in  the  enforcement  of  the  law  and  it 
was  not  generally  observed.  This,  however,  is  no 
longer  the  case." 

Many  investors  are  unaware  of  the  onerous 
taxes  which,  in  case  of  death,  may  be  imposed 
upon  shares  which  they  own,  and  in  order  to 
indicate  clearly  the  taxes  which  may  be  imposed, 
we  have  compiled  from  the  statutes  a  digest  of  the 
inheritance  tax  laws  of  the  various  states.  This 
digest  is  the  result  of  a  very  careful  analysis  of  the 
varying  statutes  and  was  compiled  to  assist  us  in 
answering  the  numerous  questions  which  have 
come  to  us  within  the  last  few  months.  It  is  now 
printed  in  its  present  form  for  the  use  and  guid- 
ance of  our  cUents.  As  will  be  apparent,  we  have 
made  no  attempt  to  discuss  the  working  of  the 
laws  but  wish  simply  to  call  attention  to  their 
salient  features  from  a  business  point  of  view,  in 
their  bearing  on  the  investment  of  funds,  and  to 
indicate  the  terms  imposed  by  the  different  states. 

Where,  as  in  the  case  of  Colorado,  the  apparent 
intent  is  to  tax  the  entire  amount  of  large  be- 
quests at  progressively  higher  rates,  we  have 
used  the  wording,  "bequests  between  $100,000 


Libbey  <%  Struthers 


f 


/ 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


--''^ 


and  $500,000."  Where,  as  in  New  York,  the 
law  expressly  taxes  only  the  excess  over  certain 
sums,  at  higher  rates,  we  have  used  the  wording 
"amounts  between  $100,000  and  $500,000," 
these  different  wordings  indicating  two  entirely 
diJBferent  methods  of  taxation. 

For  further  reference,  we  have  indicated  under 
each  state  the  principal  corporations  which  are 
organized  under  its  laws  and  which  are,  there- 
fore, subject  to  its  inheritance  tax  requirements. 
This  list  is  taken  from  the  official  Stock  Exchange 
quotation  sheet  and  is  not  intended  to  be  a  com- 
prehensive list  of  stocks. 


1 


< 


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1 

i 


INDEX     OF     STATES 
OF    INCORPORATION 

Railroad  Stocks 

Atchison,  Topeka  &  Santa  Fe Kansas 

Atlantic  Coast  Line Virginia 

Baltimore  &  Ohio Marylandand  Virginia 

Buffalo,  Rochester  &  Pittsburgh . . .  New  York 

Central  Railroad  of  New  Jersey New  Jersey 

Chesapeake  &  Ohio Virginia 

Chicago  &  Alton Illinois 

Chicago,  BurUngton  &  Quincy Illinois 

Chicago  &  Eastern  Illinois    Illinois 

Chicago  Great  Western Illinois 

Chicago,  Milwaukee  &  St.  Paul Wiscon^n 

Chicago  &  Northwestern Wisconsin  and  Illinois 

Chicago,    Rock    Island    &    Pacific 

Railway Illinois 

Chicago,  St.  Paul,  Minneapolis  & 

Omaha •  •  Wisconsin 

Cleveland,   Cincinnati,   Chicago   & 

St.  Louis Ohio 

Cleveland  &  Pittsburgh Ohio  and  Indiana 

Colorado  &  Southern Colorado 

Delaware  &  Hudson New  York 

Delaware,  Lackawanna  &  Western  .Pennsylvania 

Denver  &  Rio  Grande Colorado  and  Utah 

Erie New  York 

Erie  &  Pittsburgh Pennsylvania 

Great  Northern  Preferred Minnesota 

Hocking  Valley. : Ohio 

Illinois  Central Illinois 

JoUet  &  Chicago Illinois 

Kansas  City  Southern Missouri 

Continued 


Libhey  8^  Struthers 


Libhey  §  Struthers 


6 


Digest  of  Inheritance  Tax  Laws 


INDEX— Continued 

Lake  Shore  &  Michigan  Southern . .  lUinoiSy      Indiana, 

Michigan  f  Ohio, 
Pennsylvania  and 
New  York. 

Lehigh  Valley Pennsylvania 

Long  Island New  York 

Louisville  &  Nashville Kentucky 

Manhattan  Railway New  York 

Michigan  Central Michigan 

Mmneapolis,  St.  Paul  &  Sault  Ste.  )  Minnesota,   Wisconsin 

j^aiie ^      ^^    Michigan 

Missouri,  Kansas  &  Texas Missoun  and  Kansas 

Missouri  Pacific Missoun,  Kansas  and 

Nebraska 

Morris  &  Essex New  Jersey 

Nashville,  Chattanooga  &  St.  Louis .  Tennessee 

New  York  Central New  York 

New  York,  Chicago  &  St.  Louis ....  Ohio,    Indiana,    New 

York,     Pennsylvania 
and  Illinois 

New  York  &  Harlem New  York 

New  York,  Lackawanna  &  Westem.iVeti?  York 
New  York,  New  Haven  &  Hartford  .Connecticut,  Massachu- 
setts and  Rhode  Island 

New  York,  Ontario  &  Western New  York 

Norfolk  &  Western Virginia 

Northern  Pacific Wisconsin 

Pacific  Coast  Company New  Jersey 

Pennsylvania  Raikoad Pennsylvania 

.  r^-         iL  1  Pennsylvania,      Ohio, 
Pittsburgh,  Cincinnati,  Chicago  &  f    ^^^    Virginia,    In- 

St.  Louis )    diana  and  Illinois 

Pittsburgh,  Ft.  Wayne  &  Chicago.  .Ohio,  Indiana,  Illinois, 

and  Pennsylvania 

Pittsburgh,  McKeesport  &  Youghio- 

gheny Pennsylvania 

^^       *  Continued 


" 


Digest  of  Inheritance  Tax  Laws 


INDEX— Continued 

Pittsburgh,  Yoimgstown  &  Ashta- 
bula   Pennsylvania  and  Ohio 

Reading  Company Pennsylvania 

Rensselaer  &  Saratoga New  York 

Rock  Island  Company New  Jersey 

Rome,  Watertown  &  Ogdensburg    New  York 

St.  Louis  &  San  Francisco Missouri 

St.  Louis  Southwestern Missouri 

Southern  Pacific  Company Kentucky 

Southern  Railway Virginia 

Toledo,  St.  Louis  &  Western Indiana 

Union  Pacific Utah 

Utica  &  Black  River New  York 

Vandalia Indiana  and  Illinois 

Wabash Missouri 

Western  Maryland Maryland 

Wisconsin  Central Wisconsin 

Industrial  and  Miscellaneous  Stocks 

Amalgamated  Copper New  Jersey 

American  Agricultural  Chemical . .  .Connecticut 

American  Can New  Jersey 

American  Car  &  Foundry New  Jersey 

American  Cotton  Oil New  Jersey 

American  Express New  York 

American  Locomotive New  York 

American  Smelting  &  Refining New  Jersey 

American  Smelters  Securities New  Jersey 

American  Sugar New  Jersey 

American  Telephone  &  Telegraph.  .New  York 

American  Tobacco New  Jersey 

American  Woolen New  Jersey 

Brookljm  Union  Gas New  York 

Central  Leather New  Jersey 

Consolidated  Gas,  of  New  York .  .  .New  York 

Continued 


Libhey  (%  Struthers 


Libbey  (%  Struthers 


8 


0 


Digest  of  Inheritance  Tax  Laws 


I^jyEXr— Concluded 

General  Electric New  York 

International  Harvester New  Jersey 

Mackay  Companies Massachusetts 

National  Biscuit New  Jersey 

National  Lead New  Jersey 

Pressed  Steel  Car New  Jersey 

Pullman •  •  .lUinois 

RepubUc  Iron  &  Steel New  Jersey 

United  Fruit New  Jersey 

United  States  Express New  York 

United  States  Rubber New  Jersey 

United  States  Steel New  Jersey 

Virginia  Carolina  Chemical New  Jersey 

Wells  Fargo Colorado 

Westinghouse Pennsylvania 


Libhey  <%  Struthers 


10 


i 


Digest  of  Inheritance  Tax  Laws 

EXAMPLE 

The  chief  value  of  this  pamphlet  to  the  average 
individual  lies  in  his  ability,  by  consulting  the 
index,  to  determine  the  tax  which  will  at  his  death, 
be  assessed  on  his  estate,  and  also  to  determine 
on  which  securities  this  tax  bears  most  heavily, 
with  a  view,  if  desirable,  to  arranging  his  invest- 
ments so  as  to  avoid  the  double  tax. 

Take,  for  example,  a  resident  of  New  York  who 
dies  leaving  his  property  to  an  heir  other  than 
an  immediate  relative,  his  estate  consisting  of  the 
following  securities  on  deposit  within  the  State  of 
New  York: 

Pnee  Value 

1,000  shares  Chicago  Milwaukee  & 


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St.  Paul  Common  128 

New  York  Central         111 

United    States    Steel 
Preferred  119 

Illinois  Central  136 

New  York,  New  Haven 
&  Hartford  150 

$100,000  New  York  City  48  of  1958  99 

100,000  Lake  Shore  &  Michigan  South- 
em  Debenture  4s  of  1928       93 

100,000  Atchison,  Topeka  &  Santa  Fe 

General  4s  of  1995        99 


1,000 
1,000 

1,000 
1,000 


$128,000 
111,000 

119,000 
136,000 

150,000 
99,000 

93,000 

99,000 


$935,000 

In  New  York,  the  tax  would  be  assessed  on  the 
entire  estate  as  follows : 

Amount  of  Rate  Tax 

$25,000  5  per  cent.  $1,250 

75,000  10  per  cent.  7,500 

400,000  15  per  cent.  60,000 

435,000  20  per  cent.  87,000 

$155,750 


Libhey  (%  Struthers 


11 


Digest  of  Inheritance  Tax  Laws 

In  Wisconsin,  the  $128,000  value  of  Chicago, 
Milwaukee  &  St.  Paul  Common  would  be  taxable 
as  follows: 


Amount  of 
$100 
24,900 
25,000 
50,000 
28,000 


Rate 

Exempt 

5      per  cent. 

73^  per  cent. 

10      per  cent. 

123^  per  cent. 


Tax 

$1,245 
1,875 
5,000 
3,500 

$11,620 


In  New  Jersey,  the  $119,000  value  of  United 
States  Steel  Preferred  would  be  taxable  as  follows: 


Amount  of 

$iia,ooo 


Rate 
5  per  cent. 


Tax 
$5,950 


In  Illinois,  the  $136,000  value  of  Illinois  Central 
Stock  would  be  taxable  as  follows: 


Amount  of 
$136,000 


Rate 
10  per  cent. 


Tax 
$13,600 


In  Connecticut  the  $150,000  value  of  New  York, 
New  Haven  &  Hartford  Stock,  would  be  taxable 
as  follows : 


Amount  of 
$150,000 


Rate 
5  per  cent. 


Tax 
$7,500 


The  three  issues  of  bonds,  being  in  coupon  form, 
would  be  subject  only  to  the  one  tax  imposed  by 
the  State  of  New  York  on  the  entire  value  of  the 
estate. 


Libhey  ^  Struthers 


12 


Digest  of  Inheritance  Tax  Laws 


ALABAMA 

No  Inheritance  Tax. 


Lihbey  4  Struthers 


13 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


ARIZONA 

No  Inheritance  Tax. 


t  I 


ARKANSAS 

Grandfather,  grandmother,  father,  mother, 
husband,  wife,  lineal  descendant,  brother,  sister 
or  adopted  child: 

All  bequests  1  per  cent. 

Provided  that  in  the  case  of  any  estate  whose  aggregate 
value  is  $5,000  or  less,  all  property  passing  to  legatees  of 
this  class  shall  be  exempt. 

Uncle,  aunt,  niece,  nephew  or  lineal  descendant 
thereof: 

All  bequests  2  per  cent. 

Provided  that  in  the  case  of  any  estate  whose  aggregate 
value  is  $2,000  or  less,  all  property  passing  to  legatees  of 
this  class  shall  be  exempt. 

All  other  beneficiaries: 

Bequests  of  $10,000  or  less 

between    $10,000  and  $20,000 
''  $20,000  and  $50,000 

above       $50,000 

Provided  that  in  the  case  of  any  estate  whose  aggregate 
value  is  $1,000  or  less,  all  property  passing  to  legatees  of 
this  class  shall  be  exempt. 

NOTE. — The  Attorney  General  of  Arkansas  construes  the 
inheritance  tax  as  not  applicable  to  the  stock  of  Arkansas 
corporations  held  by  a  non-resident  and  states  that,  while  the 
laws  of  Arkansas  are  silent  on  the  subject^  he  is  of  the  opinion 
that  the  sitv^  of  property  is  the  sUils  of  its  owner. 


n 


H 


ii 


3  per  cent. 

4  per  cent. 

5  per  cent. 

6  per  cent. 


Lihhey  (%  Struthers 


Libbey  (%  Struthers 


14 


15 


Digest  of  Inheritance  Tax  Laws 


CALIFORNIA 

Property   bequeathed   for   charitable,   educa- 
tional; religious  and  such  purposes  is  exempt. 

Husband,  wife,  lineal  descendant,  lineal  ances- 
tor or  adopted  child: 


<c 

u 
u 
ti 

tt 


Amounts  of  $4,000  or  less  exempt. 

"  $10,000"    "  (to  widow  or  minor  child)  " 
"  $25,000  or  less  1  per  cent. 

on  excess  over  exemptions. 

between    $25,000  and    $50,000   13^  per  cent. 

$50,000  and  $100,000   2     per  cent. 

$100,000  and  $500,000   2 J^  per  cent. 

above  $500,000  3     per  cent. 


it 

u 


Brother,  sister  or  descendant  of  either,  wife  or 
widow  of  a  son  or  husband  of  a  daughter : 

Exempt  to  the  extent  of  $2,000. 

Amounts  between      $2,000  and    $25,000  IJ^  per  cent. 

$25,000  and    $50,000  2}^  per  cent. 

$50,000  and  $100,000  3     per  cent. 

$100,000  and  $500,000  3M  per  cent. 

above  $500,000  4H  per  cent. 


« 


it 


tt 


tt 


n 


tt 


tt 


Uncle,  aunt,  or  descendant  of  either : 

Exempt  to  the  extent  of  $1,500. 

Amounts  between      $1,500  and    $25,000  3     per  cent. 

$25,000  and    $50,000  4J^  per  cent. 

$50,000  and  $100,000  6     percent. 

$100,000  and  $500,000  7H  per  cent. 

above  $500,000  9     percent. 

ContiniLed 


tt 


tt 


tt 


tt 


tt 


tt 


tt 


Liihbey  §  Struthers 


Digest  of  Inheritance  Tax  Laws 

CALIFORNIA— Con^nwed 

Granduncle,  grandaunt  or  descendant  of  either : 


Exempt  to  $1,000. 

Amounts  between      $1,000  and    $25,000 

$25,000  and    $50,000 
$50,000  and  $100,000 
$100,000  and  $500,000 
above  $500,000 


tt 


tt 


tt 


tt 


tt 


tt 


4  per  cent. 

6  per  cent. 

8  percent. 
10  per  cent. 
12  percent. 


All  other  beneficiaries: 

Exempt  to  $500. 
Amounts  between 


I 


<< 


tt 


tt 


tt 


$500 and  $25,000  5  percent. 
$25,000  and  $50,000  73^  per  cent. 
$50,000  and  $100,000 10  per  cent. 
$100,000  and  $500,000 12  J^  per  cent, 
above  $500,000  16  per  cent. 


it 


tt 


it 


<' 


Libbey  8^  Struthers 


17 


Digest  of  Inheritance  Tax  Laws 

COLORADO 

Public,  religious  and  charitable  bequests  are 
exempt. 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son,  husband  of  a  daugh- 
ter, adopted  child  or  lineal  descendant: 

$10,000  or  less  exempt. 

Excess  over  $10,000  2  per  cent. 

The  exemption  of  $10,000  is  allowed  to  each  distributee 
of  this  class  and  does  not  refer  to  the  total  value  of  the 
estate. 


Uncle,  aunt,  niece,  nephew  or  lineal  descendant 
thereof : 
All  amounts 

All  other  beneficiaries: 


3  per  cent. 


Bequests  of  $10,000  or  less 

"  between  $10,000  and  $20,000 
"  $20,000  "  $50,000 
"         $50,000  "  $500,000 


above  $500,000 


3  percent. 

4  per  cent. 

5  per  cent. 

6  per  cent. 
10  per  cent. 


Provided  that  any  estate  valued  at  less  than  $500  in  the 
above  case  shall  be  exempt. 

Railroad  Stocks 

Colorado  &  Southern. 
Denver  &  Rio  Grande. 

Miscellaneous  Stocks 
Wells  Fargo  Express. 


Libbey  <%  Struthers 


18 


Digest  of  Inheritance  Tax  Laws 


CONNECTICUT 

Gifts  of  pictures,  books  and  other  articles  of  in- 
terest, made  by  will  to  any  corporation  located  in 
this  state  for  free  exhibition  are  exempt  from  taxa- 
tion. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant or  adopted  child : 

$10,000  or  less  exempt. 

Excess  over  $10,000  1  percent. 

All  other  beneficiaries : 

All  bequests  5  percent. 

Where  a  portion  of  the  property  of  a  resident 
decedent  passes  to  parents,  husband,  wife,  etc., 
(specifically  exempted  above  to  the  extent  of 
$10,000)  and  the  balance  to  collateral  heirs  or 
strangers,  the  amount  exempted  shall  be  that  pro- 
portion of  $10,000  which  the  value  of  the  property 
passing  to  the  favored  class  bears  to  the  total 
value  of  the  estate. 

In  the  case  of  a  non-resident  decedent,  the 
amount  of  property  which  is  exempted  from  the 
succession  tax  shall  be  that  proportion  of  the 
whole  exempted  amount  provided  for  the  estate 
of  residents  deceased,  which  the  amount  of  the 
estate  of  the  non-resident  deceased,  actually  or 
constructively  in  this  state,  bears  to  the  total 
value  of  the  non-resident's  estate,  wherever  sit- 
uated. 

Where  stock  or  registered  bonds  of  Connecticut 

Continued 


Libbey  §  Struthers 


19 


1 1 


Digest  of  Inheritance  Tax  Laws 

CONNECTIC  m— Continued 

corporations  are  owned  by  the  estate  of  a  non- 
resident, and  the  certificates  are  held  outside  the 
state,  the  succession  tax  is  imposed  in  case  the 
laws  of  the  state  or  country  in  which  the  decedent 
resided  shall,  at  the  time  of  his  death,  impose  a 
succession,  inheritance  or  transfer  tax  upon  the 
stocks  or  registered  bonds  of  its  domestic  corpora- 
tions, held  by  residents  of  Connecticut. 

Railroad  Stocks 
New  York,  New  Haven  &  Hartford. 

Miscellaneous  Stocks 
American  Agricultural  Chemical  Company. 


i 


Libbey  <%  Struthers 


20 


Digest  of  Inheritance  Tax  Laws 

DELAWARE 

Charitable,  educational  and  religious  bequests 
are  exempt. 

Father,  mother,  grandfather,  grandmother, 
wife,  husband,  child,  adopted  child  or  lineal  de- 
scendant : 

All  bequests  exempt. 

Any  legacy  which  may  be  of  a  less  value  than  $500  is 
exempt. 

With  these  exceptions  the  rate  varies  as  follows : 
Brother,  sister  or  descendant  of  either: 

All  bequests  1  per  cent. 

Uncle,  aunt  or  descendant  of  either : 

All  bequests  2  per  cent. 

Granduncle,  grandaunt  or  descendant  of  either : 

All  bequests  3  per  cent. 


All  other  beneficiaries: 

All  bequests 


5  per  cent. 


Libbey  <%  Struthers 


21 


i 


!i| 


j« 


III 


III 


Digest  of  Inheritance  Tax  Laws 


DISTRICT  OF  COLUMBIA 

Religious,  charitable  and  educational  bequests 
are  exempt. 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son,  husband  of  a  daugh- 
ter or  adopted  child : 

Bequests  of  $10,000  or  less 

between  $10,000  and  $100,000 
"      $100,000  and  $500,000 
above  $500,000 


u 


Mi 


U 


exempt. 
1  per  cent. 
2K  per  cent. 
5     per  cent. 


All  other  beneficiaries: 

$3,000  or  less 
Excess  over  $3,000 


exempt. 
5     per  cent. 


NOTE: — This  Bill  has  passed  the  House  of  Representa- 
tives and  is  now  in  the  Senate  before  the  Committee  on  the 
District  of  Columbia.    It  has  not  yet  become  a  law. 


./ 


\ 


Digest  of  Inheritance  Tax  Laws 


FLORIDA 

No  Inheritance  Tax. 


i. 


i 


A 


V 


N 


Libbey  8^  Struthers 


22 


Libbey  <%  Struthers 


23 


i 


M 


^ 


Digest  of  Inheritance  Tax  Laws 


GEORGIA 

No  Inheritance  Tax. 


<i 


'I 


\ 


\ 


I 


Libhey  <%  Struthers 


Digest  of  Inheritance  Tax  Laws 


IDAHO 

Charitable,  benevolent  and  educational  be- 
quests are  exempt. 

Husband,  wife,  lineal  descendant,  lineal  ances- 
tor, adopted  child,  or  lineal  ancestor  or  lineal  de- 
scendant of  an  adopted  child : 


Amounts  of  $4,000  or  less  exempt. 

$10,000  or  less  (to  widow  or  minor  child)  exempt, 
between      $4,000  and    $25,000   1     percent. 
$25,000  and    $50,000    13^  per  cent. 
$50,000 and  $100,000  2     percent. 
$100,000  and  $500,000   23^  per  cent, 
above  $500,000  3     per  cent. 


It 


it 


it 


it 


u 


it 


<< 


ti 


(( 


Brother,  sister,  descendant  of  either,  wife  or 
widow  of  a  son  or  husband  of  a  daughter : 


Amounts  of  $2,000  or  less  exempt, 

between      $2,000  and    $25,000  13^  per  cent. 

$25,000  and    $50,000  2M  per  cent. 

$50,000  and  $100,000  3     percent. 

$100,000  and  $500,000  3%  per  cent, 

above  $500,000  4 J^  per  cent. 


u 


it 


ti 


tt 


a 


i( 


it 


tt 


Uncle,  aunt  or  descendant  of  either: 

Amounts  of  $1,500  or  less  exempt. 

"        between      $1,500  and    $25,000  3     percent. 

"         $25,000  and    $50,000  43^  per  cent. 

"         $50,000 and  $100,000  6     percent. 

"       $100,000  and  $500,000  7J^  per  cent, 

above  $500,000  9     per  cent. 

Continued 


ti 

it 


ti 


a 


Libbey  §  Struthers 


\\ 


24 


25 


f  ■ 


Digest  of  Inheritance  Tax  Laws 


IDAHO — Continued 


Granduncle,  grandaunt  or  descendant  of  either: 


Amounts  of  $1,000  or  less 

"       between      $1,000  and    $25,000  4 
"  "         $25,000  and    $50,000   6 

"  "         $50,000  and  $100,000  8 

«•  "       $100,000  and  $500,000 10 

"       above  $500,000  12 


exempt, 
per  cent, 
per  cent, 
per  cent, 
per  cent, 
per  cent. 


AH  other  beneficiaries: 


i 


Amounts  of  $500  or  less  exempt. 

"       between         $500 and    $25,000  5     percent. 
"  "         $25,000  and    $50,000   7^  per  cent. 

"  "         $50,000 and  $100,000 10     percent. 

"  *'       $100,000  and  $500,000 12^  per  cent. 

•*       above  $500,000  15     per  cent. 


i 


)i 


I 


! 

1 


Lihhey  (%  Struthers 


26 


I 


I 


Digest  of  Inheritance  Tax  Laws 


ILLINOIS 

Bequests  solely  for  religious,  educational  or 
charitable  purposes  are  exempt. 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son,  husband  of  a  daugh- 
ter, adopted  child  or  lineal  descendant: 

Bequests  of  $20,000  or  less  exempt. 

"        between  $20,000  and  $100,000        1  per  cent. 

Bequests  above  $100,000  2  per  cent. 

These  rates  apply  to  the  excess  over  $20,000. 

Uncle,  aunt,  niece,  nephew  or  lineal  descendant 
thereof : 


Bequests  of  $2,000  or  less  exempt. 

between  $2,000  and  $20,000  2  per  cent, 

above  $20,000  4  per  cent. 

These  rates  apply  to  the  excess  over  $2,000 
All  other  beneficiaries : 


Bequests  of  $10,000  or  less 

"        between    $10,000  and    $20,000 
"  "         $20,000  and    $50,000 

«  "         $50,000  and  $100,000 

"        above  $100,000 


3  per  cent. 

4  per  cent. 

5  per  cent. 

6  per  cent. 
10  per  cent. 

It  is  provided  that  any  legacy  which  may  be  valued  at 
less  than  $500  shall  be  exempt. 

NOTE: — The  Illinois  law,  in  addition  to  taxing  property 
of  Illinois  corporation,  levies  a  tax  on  shares  of  corporations 
licensed  to  do  business  within  the  state. 

The  value  of  the  property  liable  to  tax  within  the  state  is 

deemed  to  be  transferred  proportionately  to  the  various  legatees 

named  in  the  will. 

Continued 


Lihhey  §  Struthers 


27 


Digest  of  Inheritance  Tax  Laws 


ILLmOlS— Continued 

Railroad  Stocks 
Chicago  &  Alton. 
Chicago,  Burlington  &  Quincy. 
Chicago  &  Eastern  Illinois. 
Chicago  Great  Western. 
Chicago  &  Northwestern. 
Chicago,  Rock  Island  &  Pacific  Railway. 
Illinois  Central. 
Joliet  &  Chicago. 
Lake  Shore  &  Michigan  Southern. 
New  York,  Chicago  &  St.  Louis. 
Pittsburgh,  Cmcinnati,  Chicago  &  St.  Louis. 
Pittsburgh,  Ft.  Wayne  &  Chicago. 
Vandalia. 

Miscellaneous  Stocks 
Pullman  Company. 


Libbey  §  Struthers 


28 


Digest  of  Inheritance  Tax  Laws 


INDIANA 

No  Inheritance  Tax. 

Railroad  Stocks 

Cleveland  &  Pittsburgh. 

Lake  Shore  &  Michigan  Southern. 

New  York,  Chicago  &  St.  Louis. 

Pittsburgh,  Cincinnati,  Chicago  &  St.  Louis. 

Pittsburgh,  Ft.  Wayne  &  Chicago. 

Toledo,  St.  Louis  &  Western. 

Vandalia. 


Libbey  <%  Struthers 


29 


Digest  of  Inheritance  Tax  Laws 


IOWA 

Bequests  to  charitable  institutions  of  Iowa  are 
exempt,  but  bequests  to  individuals  for  charitable 
purposes  are  taxable. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, adopted  child  or  lineal  descendant  thereof: 


All  bequests 

All  other  beneficiaries: 
Estates  valued  above  $1,000 


exempt. 


5  per  cent. 


The  exemption  of  $1,000  is  not  deducted  from  each 
bequest,  the  law  having  been  construed  to  mean  that  if 
the  total  estate  exceeds  the  sum  of  $1,000,  all  the  property 
passing  to  collateral  heirs  or  strangers  is  subject  to  tax. 

Property  passing  to  heirs  who  are  aliens,  non- 
residents of  the  United  States,  is  taxable  at  the 
rate  of  20  per  cent,  of  its  value,  except  when  such 
foreign  beneficiaries  are  brothers  or  sisters  of  the 
decedent,  in  which  case  the  rate  is  10  per  cent. 

Whenever  property  in  Iowa  belongs  to  a  for- 
eign estate,  passing  in  part  exempt  from  the  inher- 
itance tax  and  in  part  subject  thereto,  and  it  is 
within  the  authority  of  the  executor  to  dispose  of 
the  property  not  specifically  devised  to  direct 
heirs,  in  the  payment  of  debts  or  in  the  satisfac- 
tion of  legacies  which  would  be  exempt  under  the 
Iowa  law,  the  property  within  the  jurisdiction  of 

Continued 


Lihhey  ^  Struthers 


30 


Digest  of  Inheritance  Tax  Laws 

IOWA — Continued 

this  state  shall  be  subject  to  the  inheritance  tax 
law  and  the  tax  shall  be  assessed  according  to  the 
proportion  of  the  total  estate  which  may  be  within 
the  State  of  Iowa. 

NOTE. — In  a  case  now  appealed  to  the  Supreme  Court  of 
Iowa  the  inheritance  tax  authorities  are  attempting  to 
collect  from  a  foreign  estate  which  passes  partly  exempt  and 
partly  subject  to  the  provisions  of  the  act^  a  tax  on  the  full 
value  of  the  Iowa  property ^  on  the  theory  that  any  allowance 
opens  the  way  to  evasion  of  the  tax. 


Lihhey  §  Struthers 


31 


Digest  of  Inheritance  Tax  Laws 


KANSAS 

Literary,  educational,  religious  or  charitable 
bequests  are  exempt. 

Husband,  wife,  lineal  ancestor,  lineal  descend- 
ant, adopted  child  or  lineal  descendant  thereof, 
wife  or  widow  of  a  son  or  husband  of  a  daughter: 


Amounts  of  $25,000  or  less 

"        between    $25,000  and    $50,000 
"  "         $50,000  and  $100,000 

"  "       $100,000  and  $500,000 

"       above  $500,000 


1  per  cent. 

2  percent. 

3  per  cent. 

4  per  cent. 

5  per  cent. 


It  is  provided  that  property  which  may  pass  to  husband, 
wife,  father,  mother,  child  or  adopted  child  is  exempt  if 
its  value  does  not  exceed  $5,000. 

Brother,  sister,  nephew  or  niece: 

Amounts  of  $25,000  or  less  3     per  cent. 

"        between    $25,000  and    $50,000   5     percent. 

"  "         $50,000  and  $100,000   73^  per  cent. 

"  "       $100,000  and  $500,000 10     percent. 

it 


above  $500,000 


12 J^  per  cent. 


Provided  that  any  bequest  to  this  class  is  exempt  if  it 
does  not  exceed  a  value  of  $1,000. 

All  other  beneficiaries: 

Amounts  of  $25,000  or  less  S     per  cent. 

"        between  $25,000  and    $50,000    73^  per  cent. 
"        $50,000  and  $100,000  10     per  cent. 
"      $100,000  and  $500,000  123^  per  cent, 
above  $500,000  15     per  cent. 

Continued 


ff 


u 


fC 


Lihbey  §  Struthers 


32 


Digest  of  Inheritance  Tax  Laws 

KASSAS—Continued 

This  tax  applies  to  gifts  made  in  contemplation 
of  death  and  the  law  further  states  that  property 
shall  be  deemed  to  have  been  transferred  in  con- 
templation of  death  when  such  gift  shall  have 
been  made  within  one  year  prior  to  the  death  of 
the  grantor. 

Property  of  a  resident  of  Kansas  which  is  not 
within  the  state  at  the  time  of  his  death  shall  not 
be  taxable  in  Kansas  if  legally  subject  in  another 
state  or  country  to  a  tax  of  like  character  and 
amount  to  that  imposed  by  Kansas,  provided  such 
tax  be  paid  or  secured  in  such  other  state  or  coun- 
try. If  liable  to  a  tax  of  like  character  but  of  less 
amount  the  property  shall  be  taxable  in  Kansas 
to  the  extent  of  the  excess  over  the  tax  of  such 
other  state  or  country. 

Property  of  the  estate  of  a  non-resident  de- 
cedent which  is  situated  in  the  State  at  the  time 
of  his  death,  if  subject  under  the  laws  of  the  state 
or  country  of  the  decedent's  residence,  to  a  tax  of 
like  character  to  that  imposed  by  the  Kansas  laws, 
shall  be  subject  only  to  such  portion  of  the 
tax  hereby  imposed  as  may  be  in  excess  of  the 
tax  imposed  by  the  laws  of  such  other  state  or 
country;  provided  that  a  like  exemption  is  made 
by  such  other  state  or  country  in  favor  of  citizens 

of  Kansas. 

Railroad  Stocks 

Atchison,  Topeka  &  Santa  Fe. 
Missouri,  Kansas  &  Texas. 
Missouri  Pacific. 

Lihbey  8^  Struthers 


33 


Digest  of  Inheritance  Tax  Laws 

KENTUCKY 

Father,  mother,  husband,  wife,  child,  wife  or 
widow  of  a  son,  husband  of  a  daughter,  adopted 
child  or  lineal  descendant: 

All  amounts 

All  other  beneficiaries: 


exempt. 


$500  or  less 
Excess  above  $500 

Railroad  Stocks 
Louisville  &  Nashville. 
Southern  Pacific  Company. 


exempt. 
5  per  cent. 


Digest  of  Inheritance  Tax  Laws 


LOUISIANA 

Bequests  to  educational,  religious  or  charitable 
institutions  are  exempt. 

Direct  descendants  and  ascendants: 

All  bequests  2  per  cent. 

It  is  provided  that  any  estate  valued  at  $10,000  or  less, 
passing  to  a  beneficiary  of  this  class,  shall  be  exempt. 


All  other  beneficiaries 

All  bequests 


5  per  cent. 


The  law  contains  this  clause: 

''The  said  tax  shall  not  be  imposed  in  the  fol- 
lowing cases ^When  the    property  inherited, 

bequeathed  or  donated  shall  have  borne  its  just 
proportion  of  taxes  prior  to  the  time  of  such  dona- 
tion, bequest  or  inheritance." 


Lihhey  ^  Struthers 


34 


Lihhey  §  Struthers 


35 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


u 


it 


MAINE 

Educational,  charitable,  religious  and  benev- 
olent bequests  are  exempt. 

Husband,  wife,  lineal  ancestor,  lineal  descend- 
ant, adopted  child  or  lineal  descendant  thereof, 
wife  or  widow  of  a  son  or  husband  of  a  daughter: 

Bequests  of  $50,000  or  less  1     per  cent, 

between    $50,000  and  $100,000   1 3^  per  cent, 
above  $100,000  2     percent. 

It  is  provided  that,  of  the  above  class,  property  valued  at 
not  over  $10,000  shall  be  exempt  when  passing  to  husband, 
wife,  father,  mother,  child  or  adopted  child.  Property  of 
a  value  of  not  over  $500  passing  to  other  beneficiaries  of 
this  class  is  similarly  exempt. 

Brother,  sister,  uncle,  aunt,  nephew,  niece  or 
cousin: 

Bequests  of  $50,000  or  less  4     per  cent. 

"        between  $50,000  and  $100,000     4 J^  per  cent. 
"       above  $100,000  5     percent. 

Provided  that  no  bequest  valued  at  $500  or  less  shaU  be 
taxed. 


I    All  other  beneficiaries: 


i< 


ti 


Bequests  of  $50,000  or  less  5  per  cent, 

between  $50,000  and  $100,000        6  per  cent' 
above  $100,000  7  per  cent. 

Provided  that  no  bequest  valued  at  $500  or  less  shaU  be 
taxed. 

Continued 


Libbey  8^  Struthers 


36 


MAINE — Continued 
Property  of  a  resident  decedent,  which  property 
is  not  within  the  state  at  the  time  of  death,  shall 
not  be  liable  under  this  law  to  an  inheritance  tax 
if  .legally  subject  in  another  state  or  country  to  a 
tax  of  like  character  and  amount,  provided  such 
tax  be  paid  or  secured.  If  subject  to  a  less  tax, 
the  property  shall  be  subject  to  the  difference  be- 
tween the  tax  imposed  by  the  Maine  laws  and 
that  imposed  by  such  other  state  or  country. 

Property  of  a  non-resident  decedent  within  the 
jurisdiction  of  Maine,  if  subject  under  the  laws  of 
the  state  or  country  where  he  resided  to  a  tax 
of  like  character  to  that  imposed  by  this  chap- 
ter, shall  be  subject  only  to  such  portion  of  the 
tax  hereby  imposed  as  may  be  in  excess  of  the  tax 
imposed  by  the  laws  of  such  other  state  or  country. 


Libbey  (%  Struthers 


37 


LH^est  of  Inheritance  Tax  Laws 


/ 


./' 


Digest  of  Inheritance  Tax  Laws 


exempt. 


IVIARYLAND 

Father,   mother,  husband,  wife,  child,   lineal 
descendant  : 

All  bequests 

All  other  beneficiaries: 

All  bequests  e 

5  per  cent. 

Provided  that  any  estate  valued  at  a  less  sum  than  $500 
shall  not  be  taxed. 

Railroad  Stocks 
Baltimore  &  Ohio. 

Western  Maryland. 


I 


Libbey  S^  Struthers 


3S 


MASSACHUSETTS 

Bequests  for  town  and  public  purposes  and  to 
charitable,  educational  and  religious  societies 
whose  property  is  by  law  exempt  from  taxation, 
are  exempt  from  the  payment  of  the  inheritance 
tax. 

Husband,  wife,  lineal  ancestor,  lineal  descend- 
ant, adopted  child  or  lineal  descendant  thereof, 
adoptive  parents  or  lineal  ancestors  thereof,  wife 
or  widow  of  a  son  or  husband  of  a  daughter  : 

Amounts  of  $50,000  or  less  1     per  cent. 

"       between  $50,000  and  $100,000     1^  per  cent. . 
"       above  $100,000  2     per  cent. 

It  is  provided  that  property  of  a  value  of  $10,000  or  less, 
passing  to  husband,  wife,  father,  mother,  child,  adopted 
child,  adoptive  father  or  adoptive  mother  is  exempt  and 
property  of  a  value  of  $1,000  or  less  passing  to  any  of  the 
other  above  legatees. 

Brother,  sister,  nephew  or  niece: 

Amounts  of  $25,000  or  less  3  per  cent. 

"        between  $25,000  and  $100,000        4  per  cent. 
"       above  $100,000  5  per  cent. 

Provided  that  any  bequest  of  a  less  value  than  $1,000  shall 
be  exempt. 


All  other  beneficiaries : 
All  bequests    ' 


5  per  cent. 


Provided  that  no  bequest  of  a  value  of  less  than  $1,000 
shall  be  taxed. 

Continued 


Libhey  S^  Struthers 


39 


t>^- 


Digest  of  Inheritance  Tax  Laws 


MASSACHUSETTS— Con^inwed 

In  the  case  of  foreign  estates,  consisting  in 
whole  or  in  part  of  stocks  of  a  railroad,  street  rail- 
way, telegraph  or  telephone  company  incorpo- 
rated under  the  laws  of  Massachusetts,  and  also 
of  some  other  state,  the  amount  of  property  con- 
strued to  be  subject  to  the  Massachusetts  tax 
shall  be  determined  by  the  proportion  of  such 
company's  line  lying  within  the  State  of  Massa- 
chusetts. 

Property  of  a  resident  of  Massachusetts  which 
is  not  within  the  state  at  the  time  of  his  death 
shall  not  be  taxable  under  the  provisions  of  this 
act  if  legally  subject  in  another  state  or  country 
to  a  tax  of  like  character  and  amount,  provided 
such  tax  be  actually  paid  or  guaranteed;  if  sub- 
ject in  another  state  to  a  tax  of  like  character  but 
of  less  amount,  and  such  tax  is  paid  or  guaran- 
teed, the  property  shall  be  taxable  under  this  act 
to  the  extent  of  the  difference  between  the  tax 
actually  paid  and  the  amoimt  for  which  such 
property  would  be  liable  under  the  Massachu- 
setts laws. 

Property  of  a  non-resident  decedent  which  is 
within  the  jurisdiction  of  Massachusetts,  if  sub- 
ject under  the  laws  of  the  state  or  country  of  his 
residence  to  a  tax  of  like  character  with  that  im- 
posed by  this  law,  shall  be  subject  only  to  such 
portion  of  the  tax  hereby  imposed  as  may  be  in 
excess  of  the  tax  imposed  by  the  laws  of  such  other 
state  or  country :  provided  that  a  like  exemption 

Continued 

Liibhey  §  Struthers 


40 


Digest  of  Inheritance  Tax  Laws 

MASSACHUSETTS— Continued 

is  made  by  the  laws  of  such  other  state  or 
country  in  favor  of  the  estates  of  citizens  of 
Massachusetts. 

Railroad  Stocks 
New  York,  New  Haven  &  Hartford. 

,  Miscellaneous  Stocks 

Mackay  Companies. 


Libbey  8^  Struthers 


41 


Digest  of  Inheritance  Tax  Laws 


W 


MICHIGAN 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son,  husband  of  a  daugh- 
ter, adopted  child  or  lineal  descendant: 


$2,000  or  less 

Amounts  greater  than  $2,000 

All  other  beneficiaries : 

$100  or  less 

Amoxmts  greater  than  $100 


exempt. 
1  per  cent. 


exempt. 
5  per  cent. 


Where  a  bequest  exceeds  the  amount  of  the  spe- 
cific exemption,  the  entire  bequest  is  taxable. 

Railroad  Stocks 

Lake  Shore  &  Michigan  Southern. 

Michigan  Central. 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie. 


Libhey  §  Struthers 


42 


Digest  of  Inheritance  Tax  Laws 


MINNESOTA 

All  beneficiaries: 

Bequests  of  $10,000  or  less 

"        between  $10,000  and  $50,000 
"              "       $50,000  and  $100,000 

Bequests  above  $100,000 

3 
5 

exempt. 

j  per  cent. 

per  cent. 

per  cent. 

The  above  rates  apply  to  the  excess  over 

$10,000 

Railroad  Stocks 

Great  Northern  Preferred. 

Minneapolis,  St.  Paul  &  Sault  Ste.  Marie. 


Libbey  8^  Struthers 


43 


Digest  of  Inheritance  Tax  Laws 


MISSISSIPPI 

No  Inheritance  Tax, 


MISSOURI 


Property  transferred  exclusively  for  religious, 
charitable,  or  educational  purposes  is  exempt. 

Father,  mother,  husband,  wife,  adopted  child 
or  lineal  descendant: 


All  bequests 

All  other  beneficiaries : 

All  bequests  , 

Railroad  Stocks 

Kansas  City  Southern. 

Missouri,  Kansas  &  Texas. 

Missoiu-i  Pacific. 

St.  Louis  &  San  Francisco. 

St.  Louis  Southwestern. 

Wabash. 


exempt. 


5  per  cent. 


Libbey  8$  Struthers 


Libbey  (%  Struthers 


^rX 


45 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


^ 


MONTANA 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son,  husband  of  a 
daughter,  adopted  child,  or  lineal   descendant: 

All  bequests  1  per  cent. 

Provided  that  in  the  case  of  any  estate  whose  total  value 
is  less  than  $7,500  all  the  property  which  passes  to  legatees 
of  this  class  shall  be  exempt. 

All  other  beneficiaries: 

All  bequests  5  percent. 

Provided  that  any  estate  which  may  be  valued  at  less 
than  $500  shall  not  be  taxable. 

NOTE: — The  Supreme  Court  of  Montana  has  held  that 
where  the  total  value  of  an  estate^  wherever  sitwded^  amounts 
to  more  than  $7,600,  all  the  property  within  the  jurisdiction 
of  Montana  shall  be  taxed  according  to  the  relationship  of  the 
heneftdary. 


NEBRASKA 

Father,  mother,  husband,  wife,  child,  sister, 
brother,  wife  or  widow  of  a  son,  husband  of  a 
daughter,  adopted  child  or  lineal  descendant : 


$10,000  or  less 
Excess  over  $10,000 


exempt. 
1  percent. 


Uncle,  aunt,  niece,  nephew  or  lineal  descendant 
thereof: 


$2,000  or  less 
Excess  over  $2,000 

All  other  beneficiaries: 

Estates  of  $5,000  or  less 

"        between    $5,000  and  $10,000 
"  "       $10,000  and  $20,000 

"  *'       $20,000  and  $50,000 

"       above  $50,000 


exempt. 
2  percent. 


2  per  cent. 

3  per  cent. 

4  per  cent. 

5  per  cent. 

6  per  cent. 


Provided  that  any  estate  which  may  be  valued  at  less  than 
$500  shall  not  be  taxable. 


Railroad  Stocks 


Missouri  Pacific. 


Libbey  §  Struthers 


Libbey  <%  Struthers 


46 


47 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


NEVADA 


No  Inheritance  Tax. 


NEW  HAMPSHIRE 

Property  passing  to  charitable,  educational  or 
religious  societies  of  New  Hampshire  whose  prop- 
erty is  by  law  exempt  from  taxation,  also  property 
passing  to  municipal  authorities  of  New  Hamp- 
shire for  public  purposes,  is  exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, brother,  sister,  adopted  child,  or  lineal  de- 
scendant of  adopted  child,  wife  or  widow  of  a  son 
or  husband  of  a  daughter: 

All  bequests 


exempt. 


All  other  beneficiaries: 

All  bequests 


5  percent. 


Lihhey  S^  Struthers 


48 


Libhey  S^  Struthers 


49 


Digest  of  Inheritance  Tax  Laws 


NEW  JERSEY 

Religious,  hospital,  library,  and  charitable  be- 
quests are  exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, brother,  sister,  wife  or  widow  of  a  son  or  hus- 
band of  a  daughter: 

All  bequests 


exempt. 


All  other  beneficiaries : 

Less  than  $500 
$600  or  over 


exempt. 
6  per  cent. 

Where  a  non-resident  leaves  property  partly 
within  the  State  of  New  Jersey  and  partly  with- 
out, and  the  estate  passes  in  part  to  persons  who 
would  be  taxable  under  the  New  Jersey  law,  the 
tax  due  in  the  State  of  New  Jersey  is  estimated 
according  to  the  ratio  which  the  value  of  the  New 
Jersey  property  bears  to  the  total  value  of  the 
estate. 

Railroad  Stocks 

Central  Railroad  of  New  Jersey. 
Morris  &  Essex. 
Pacific  Coast  Company. 
Rock  Island  Company. 

Miscellaneous  Stocks 

Amalgamated  Copper. 
American  Can. 
American  Car  &  Foundry. 
American  Cotton  Oil. 
American  Smelting  &  Refining. 

Continued 


Libhey  8^  Struthers 


50 


Digest  of  Inheritance  Tax  Laws 


NEW  JERSEY— Con^int^ 

American  Smelters  Securities. 

American  Sugar. 

American  Woolen. 

Central  Leather. 

International  Harvester. 

National  Biscuit. 

National  Lead. 

Pressed  Steel  Car. 

Republic  Iron  &  Steel. 

United  Fruit  Company. 

United  States  Rubber. 

United  States  Steel. 

Virginia  Carolina  Chemical  Company. 


Libhey  4  Struthers 


61 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


I' 


NEW  MEXICO 

No  Inheritance  Tax. 


NEW  YORK 

Bequests  to  educational,  religious  and  chari- 
table corporations  and  associations  of  this  state 
are  exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, brother,  sister,  wife  or  widow  of  a  son,  hus- 
band of  a  daughter,  or  child  adopted  in  conformity 
with  the  laws  of  New  York: 

Amounts  of  $25,000  or  less  1  per  cent. 

"       between    $25,000  and     $100,000  2  per  cent. 

«  «       $100,000  and     $500,000  3  per  cent. 

«  "       $500,000  and  $1,000,000  4  per  cent. 

"        above  $1,000,000  5  per  cent. 

It  is  specifically  provided  that  legatees  of  this  class  are 
exempt  on  inheritances  to  the  value  of  $500,  although  in  the 
case  of  father,  mother,  widow  or  minor  child,  there  is  an 
exemption  of  $5,000.  The  above  rates  apply  to  the  excess 
above  the  exemption. 

All  other  beneficiaries: 

Amounts  of  $25,000  or  less  5  per  cent. 

"       between    $25,000  and     $100,000  10  per  cent. 
"  "       $100,000  and     $500,000  15  per  cent. 

"  "       $500,000  and  $1,000,000  20  per  cent. 

"        above  $1,000,000  25  per  cent. 

Provided  that  a  bequest  of  $100  or  less  shall  be  exempt. 

Property  not  specifically  bequeathed  shall  be 
deemed  to  be  transferred  proportionately  to  the 
general  legatees  named  in  the  will. 

Note  : — In  a  decmon  handed  down  by  the  Court  of  Appeals 
of  New  York  State  on  the  taxation  of  stock  of  the  Boston  <& 
Albany  Railroad,  it  was  held  that  New  York  State  covM  tax 
only  a  portion  of  the  valine  of  the  stock  of  companies  which 

Continued 


Lihhey  §  Struthers 


53 


Digest  of  Inheritance  Tax  Laws 


NEW  YGRK-^Continued 
were  incorporated  both  in  New  York  and  some  other  states, 
and  in  cases  such  as  this,  the  amount  taxed  is  determined 
by  the  proportion  of  such  company's  property  lying  within 
the  State  of  New  York. 

At  the  present  time,  the  inheritance  tax  office  is  allowing  the 
deduction  of  the  exemptions  specificaUy  allowed,  infigunng 
the  tax  on  bequests  exceeding  the  exemptions.  This  allowance 
M  not  definitely  provided  in  the  law. 

We  are  further  informed  by  the  inheritance  tax  offix^e  that 
wh^e  a  nonresident  dies  leaving  securUies  in  a  safe  deport 
vault  mthin  New  York  State,  a  tax  is  claimed  by  the  State  of 
New  York  on  gU  bonds  which  may  be  thus  held  mthin  the 
btate,  also  of  course,  upon  the  stock  of  its  domestic  corpora- 
tions, but  not  upon  the  stock  of  foreign  corporations. 

Railroad  Stocks 
Buffalo,  Rochester  &  Pittsburgh. 
Delaware  &  Hudson. 
Erie. 

Lake  Shore  &  Michigan  Southern. 

Long  Island. 

Manhattan  Railway. 

New  York  Central. 

New  York,  Chicago  &  St.  Louis. 

New  York  &  Harlem. 

New  York,  Lackawanna  &  Western. 

New  York,  Ontario  &  Western. 

Rensselaer  &  Saratoga. 

Rome,  Watertown  &  Ogdensburg. 

Utica  &  Black  River. 

Miscellaneous  Stocks 
American  Express. 

American  Locomotive. 
American  Telephone  &  Telegraph. 
Brooklyn  Union  Gas. 
ConsoHdated  Gas. 
General  Electric. 
United  States  Express. 


Lihhey  <%  Struthers 


Digest  of  Inheritance  Tax  Laws 

NORTH  CAROLINA 

Religious,  educational  and  charitable  bequests 
are  exempt. 

Husband  or  wife : 

All  bequests  exempt. 

Lineal    descendant,    lineal    ancestor,    brother, 
sister,  or  adopted  child: 

$2,000  or  less  exempt. 

Excess  above  $2,000  %oil  per  cent. 

Descendant  of  a  brother  or  sister  : 

$2,000  or  less 
Excess  above  $2,000 

Uncle,  aunt,  or  descendant  of  either: 

$2,000  or  less 
Excess  above  $2,000 

Granduncle,    grandaunt, 
either  : 

$2,000  or  less 
Excess  above  $2,000 

All  other  beneficiaries: 


exempt. 
IJ^per  cent. 


exempt. 
3  per  cent. 


or    descendant    of 


exempt. 
4  per  cent. 


Bequest  of  $2,000  or  less 

between    $2,000  and    $5,000 

$5,000  and  $10,000 

$10,000  and  $25,000 

$25,000  and  $50,000 

above  $50,000 


it 
it 

H 


exempt. 

5  per  cent. 

7 J^  per  cent. 
10  per  cent. 
123^  per  cent. 
15  .^..percent. 


Lihhey  ^  Struthers 


54 


55 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


51  f 


NORTH  DAKOTA 

Property  passing  to  charitable,  educational  or 
religious  interests  within  the  state  is  exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, adopted  child,  or  lineal  descendant  thereof: 
AU  bequests  exempt. 

All  other  beneficiaries: 

$25,000  or  less 
Excess  above  $25,000 


exempt. 
2  per  cent. 

Where  a  foreign  estate  owns  property  in  North 
Dakota  and  the  executor  has  discretion  in  using 
specific  securities  to  pay  bequests  which  under  the 
North  Dakota  law  would  be  exempt  from  taxa- 
tion, the  amount  of  the  North  Dakota  property 
which  shall  be  deemed  liable  to  taxation  shall  be 
determined  by  the  ratio  of  the  value  of  the  North 
Dakota  property  to  the  value  of  the  total  estate 
wherever  situated. 


Libbey  8^  Struthers 


OHIO 

Public,  educational  and  charitable  bequests  are 
exempt. 

Father,  mother,  husband,  wife,  brother,  sister, 
niece,  nephew,  lineal  descendant,  adopted  child, 
or  lineal  descendant  of  adopted  child,  wife  or 
widow  of  a  son  or  husband  of  a  daughter : 


56 


All  bequests 

All  other  beneficiaries: 

$200  or  less 
Excess  over  $200 

Railroad  Stocks 

Cleveland,  Cincinnati,  Chicago  &  St.  Louis. 
Cleveland  &  Pittsburgh. 
Hocking  Valley  o 

Lake  Shore  &  Michigan  Southern. 
New  York,  Chicago  &  St.  Louis. 
Pittsburgh,  Cincinnati,  Chicago  &  St.  Louis. 
Pittsburgh,  Ft.  Wayne  &  Chicago. 
Pittsburgh,  Youngstown  &  Ashtabula. 


exempt. 


exempt. 
5  per  cent. 


Libbey  <%  Struthers 


57 


f 


OKLAHOMA 


Bequests  to  corporations  of  this  state  organized 
solely  for  religious,  charitable  and  educational 
purposes  are  exempt. 

Husband,  wife,  lineal  descendant,  lineal  ances- 
tor, or  adopted  child : 

$5,000  or  less  exempt. 

$10,000  or  less  (to  a  widow)  exempt. 

First  $5,000  in  excess  of  these  exemptions         1  per  cent. 

On  amounts  in  excess  of  $5,000  above  these  exemptions, 
the  rate  is  increased  1/125  of  1  per  cent,  for  every  $100  in- 
crease in  the  bequest. 

Brother,  sister,  or  descendant  of  either,  wife  or 
widow  of  a  son  or  husband  of  a  daughter: 


$500  or  less 

First  $2,000  above  $500 


exempt. 
IJ^per  cent. 


On  bequests  in  excess  of  $2,500  the  rate  is  increased  1/50 
of  1  per  cent,  for  each  $100  increase  in  the  bequest. 

Uncle,  aunt,  or  descendant  of  either : 

$250  or  less  exempt. 

First  $2,000  above  $250  3  per  cent. 

On  bequests  in  excess  of  $2,250  the  rate  is  increased  1/50 
of  1  per  cent  for  each  $100  increase  in  the  bequest. 

Granduncle,  grandaunt,  or  descendant  of  either: 

$150  or  less  exempt. 

First  $500  above  $150  4  per  cent. 

On  bequests  in  excess  of  $650  the  rate  is  increased  1/10  of 
1  per  cent,  for  every  $100  increase  in  the  bequest. 

Continued 


Digest  of  Inheritance  Tax  Laws 


OKLPiSOMk— Continued 


Other  beneficiaries: 

$100  or  less 

First  $500  above  $100 


exempt. 
5  per  cent. 


On  bequests  in  excess  of  $600  the  rate  is  increased  1/10  of 
1  per  cent,  for  each  $100  increase  in  the  bequest. 

Where  the  rate  of  tax  may  change  through  the 
happening  of  future  events,  the  tax  is  to  be  com- 
puted at  the  highest  rate  which  would  in  any  event 
apply,  and  provision  is  made  for  refunding  such 
excess  as  may  be  charged. 


,'• 


Libhey  8^  Struthers 


Libbey  <§  Struthers 


58 


59 


^il 


Digest  of  Inheritance  Tax  Laws 


i  I 


ill 


OREGON 

Bequests  to  benevolent,  charitable,  or  educa- 
tional institutions  incorporated  and  operating 
within  this  state  are  exempt. 

Grandfather,  grandmother,  father,  mother, 
husband,  wife,  child,  brother,  sister,  wife  or  widow 
of  a  son  or  husband  of  a  daughter,  adopted  child 
or  lineal  descendant: 


$5,000  or  less 
Excess  over  $5,000 


exempt. 
1  per  cent. 


It  is  provided  that  in  the  case  of  an  estate  which  shall  be 
valued  at  less  than  $10,000,  property  passing  to  the  above 
beneficiaries  shall  be  exempt  from  taxation. 

Uncle,  aunt,  niece,  nephew  or  lineal  descend- 
ant of  the  same: 


$2,000  or  less 
Excess  over  $2,000 


exempt. 
2  per  cent. 


It  is  provided  that  in  the  case  of  an  estate  valued  at  less 
than  $5,000,  any  property  passing  to  the  above  beneficiaries 
shall  be  exempt  from  taxation. 


All  other  beneficiaries* 

$500  or  less 
Amounts  between  $500  and  $10,000 

$10,000  and  $20,000 
$20,000  and  $50,000 
above  $50,000 


u 


If 


If 


tl 


u 


exempt. 

3  per  cent. 

4  per  cent 

5  per  cent. 

6  per  cent. 


Libbey  8^  Struthers 


60 


Digest  of  Inheritance  Tax  Laws 


PENNSYLVANIA 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, wife  or  widow  of  a  son: 
All  bequests  exempt. 

All  other  beneficiaries: 

All  bequests  5  per  cent. 

Provided  that  no  estate  which  may  be  valued  at  less  than 
$250  shall  be  subject  to  tax. 

NOTE: — In  a  report  to  he  made  to  the  legislature  by  a 
committee  appointed  to  revise  the  corporation  and  revenue 
laws,  recommendations  will  he  made  to  impose  a  tax  of  1  per 
cent,  on  hequests  to  direct  descendants  and  a  graded  inherit^ 
ance  tax  on  other  hequests. 

Railroad  Stocks 

Delaware,  Lackawanna  &  Western. 

Erie  &  Pittsburgh. 

Lake  Shore  &  Michigan  Southern. 

Lehigh  Valley. 

New  York,  Chicago  &  St.  Louis. 

Pennsylvania  Railroad. 

Pittsburgh,  Cincinnati,  Chicago  &  St.  Louis. 

Pittsburgh,  Ft.  Wayne  &  Chicago. 

Pittsburgh,  McKeesport  &  Youghiogheny. 

Pittsburgh,  Yoimgstown  &  Ashtabula. 

Reading  Company. 

Miscellaneous  Stocks 
Westinghouse. 


Libbey  <%  Struthers 


61 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


,::lt 


RHODE  ISLAND 

There  is  no  inheritance  tax  in  force  in  the  State 
of  Rhode  Island  at  the  present  time  but  a  law  has 
been  favorably  reported  by  the  Tax  Commission 
and  will  probably  be  passed  at  the  next  session  of 
the  legislature. 

Railroad  Stocks 
New  York,  New  Haven  &  Hartford. 


SOUTH  CAROLINA 

No  Inheritance  Tax. 


Ill 


Libbey  8^  Struthers 


Libbey  4  Struthers 


62 


63 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


{\\  (; 


I  I 


SOUTH  DAKOTA 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son  or  husband  of  a 
daughter,  lineal  descendant,  or  adopted  child  : 

$5,000  or  less  exempt. 

$20,000  or  less  (to  a  widow)  exempt. 

Excess  over  exemptions  l  per  cent. 

Uncle,  aunt,  niece,  nephew  or  lineal  descendant 
of  same: 


$500  or  less 
Excess  over  $500 

All  other  beneficiaries: 


exempt. 
2  per  cent. 


$100  or  less 

Bequests  between  $100  and  $10,000, 

$10,000  and  $20,000, 
$20,000  and  $50,000, 
"    above  $50,000, 

These  rates  apply  only  to  the  excess  over  the  exemption 
of  $100. 


ff 


If 


H 


it 


exempt. 

4  per  cent. 

6  per  cent. 

8  per  cent. 

10  per  cent. 


NOTE:— The  opening  clause  of  the  inheritance  tax  law 
reads  as  follows:  *'All  property,  real,  personal  and  mixed, 
which  shall,  by  will  or  by  the  intestate  laws  of  this  state,  pass 
from  any  person  who  may  die  seized  or  possessed  of  the  same 
while  a  resident  of  this  state,  or  if  decedent  was  not  a  resident 
of  this  state  at  the  time  of  his  death,  which  property,  or  any 
part  thereof,  shall  be  within  this  state,  shall  be  and  is  subject 
to  a  tax  at  the  rate  hereinafter  specified^' 

In  this  connection  we  are  advised  by  the  Attorney  General 
of  South  Dakota,  as  follows:  *'  /  advise  you  that  under  a 
recent  decision  of  our  Supreme  Court,  our  inheritance  tax 
law  was  declared  unconstitutional.  The  matter  is  still 
pending  before  the  Supreme  Court  on  rehearing,  and  will  be 

Continued 


Libhey  8^  Struthers 


SOUTH  lyKKOTk— Continued 

disposed  of  at  the  October  term  of  our  Supreme  Court,  I 
advise  you  further  that  the  provisions  of  the  inheritance  tax 
law,  even  if  the  law  should  finally  be  sustained  on  rehearing, 
do  not  seem  to  include  personal  property  where  the  decedent 
was  domiciled  in  another  state  at  the  time  of  his  deathJ* 


Libhey  (%  Struthers 


64 


65 


•       ! 
•'      I 


Digest  of  Inheritance  Tax  Laws 

« 

TENNESSEE 

Bequests  to  charitable  institutions  are  held  to 
be  taxable. 

Father,  mother,  husband,  wife,  or  lineal  de- 
scendant (not  including  adopted  children) : 

All  bequests  exempt. 

All  other  beneficiaries: 

AU  bequests  5  per  cent. 

Provided  that  any  estate  which  may  be  valued  at  less 
than  $250  shall  be  exempt. 

Railroad  Stocks 
Nashville,  Chattanooga  &  St.  Louis. 


< 


Libbey  S^  Struthers 


66 


Digest  of  Inheritance  Tax  Laws 

TEXAS 

Property  passing  to  any  charitable,  educational, 
or   religious   organization   within   this   state   is 

exempt.  . 

Father,  mother,  husband,  wife,  or  direct  hneal 

descendant : 

All  bequests  ^^^"^P^' 

Lineal  ascendant,  brother,  sister,  or  lineal  de- 
scendant of  same : 

exempt. 

$2,000  and    $10,000  2     percent. 

$10,000  and    $25,000   2J^  per  cent. 

$25,000 and    $50,000   3     percent. 

$50,000  and  $100,000  3^  per  cent. 

$100,000 and  $500,000  4     percent. 

above  $500,000  5     per  cent. 


$2,000  or  less 
Amounts  between 


u 
u 
u 
it 
u 


it 
it 


Uncle,  aunt,  or  lineal  descendant  of  either : 


$1,000  or  less 

Amounts  between      $1,000  and    $10,000 

$10,000  and    $25,000 

$25,000  and    $50,000 

$50,000  and  $100,000 

$100,000  and  $500,000 

above  $500,000 

All  other  beneficiaries : 

$500  or  less 


It 

u 
u 

tl 


it 
a 
tt 
tt 


exempt. 

3  per  cent. 

4  per  cent. 
6  per  cent. 

6  per  cent. 

7  per  cent. 

8  per  cent.. 


exempt. 


Amounts  between 

it  '      « 

it  a 

it  i* 


"       above  $500,000 


$500  and    $10,000  4     percent. 

$10,000  and    $25,000   5H  percent. 

$25,000 and    $50,000  7     percent. 

$50,000  and  $100,000   S}4  per  cent. 

$100,000  and  $500,000 10     per  cent. 


12     per  cent. 


Libhey  (%  Struthers 


67 


iiliiiiia^^^ ■Illriiliilllili 


Digest  of  Inheritance  Tax  Laws 


UTAH 

AU  property  in  excess  of  $10,000  passing  by  will 
is  subject  to  a  tax  of  5  per  cent,  of  its  value. 

In  determining  the  amount  of  tax  to  be  paid 
the  sum  of  $10,000  shall  be  deducted  from  the 
value  of  the  entire  estate  and  the  tax  shall  be  com- 
puted and  paid  on  the  entire  remainder.  The  ex- 
emption does  not  apply  to  individual  legatees. 

Where  any  property  within  the  state  belongs  to 
a  foreign  estate,  the  amount  of  exemption  which 
can  be  clahned  in  Utah  is  determined  by  the  ratio 
of  the  property  within  the  state  to  the  value  of  the 
whole  estate. 

Railroad  Stocks 

Denver  &  Rio  Grande. 
Union  Pacific. 


1 


Dig-est  of  Inheritance  Tax  Laws 

VERMONT 

Bequests  to  religious  or  charitable  institutions 
in  Vermont  are  exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, step  child,  adopted  child,  child  of  a  step  child 
or  adopted  child,  wife  or  widow  of  a  son  or  hus- 
band of  a  daughter: 


All  bequests 

All  other  beneficiaries: 

All  bequests 


exempt. 


5  per  cent. 


Where  a  tax  has  been  imposed  under  the  laws 
of  some  other  state  or  country  on  a  legacy  taxable 
in  Vermont,  the  legatee  Uable  in  Vermont  will  be 
required  to  pay  such  tax  as  will  bring  the  entire 
amount,  including  that  paid  in  such  other  state  or 
country,  up  to  5  per  cent. 


Libbey  8^  Struthers 


68 


i 


Lihhey  <%  Struthers 


69 


L^est  of  Inheritance  Tax  Laws 

VIRGINIA 

Property  passing  exclusively  for  charitable 
educational  or  religious  purposes,  or  for  state' 
county  or  municipal  purposes  is  exempt  from  tax. 

Grandfather,  grandmother,  father,  mother, 
husband,  wife,  brother,  sister,  or  lineal  descendant : 


/ 


/ 


All  bequests 

All  other  beneficiaries: 

All  bequests 

Railroad  Stocks 
Atlantic  Coast  Line. 
Baltimore  &  Ohio. 
Chesapeake  &  Ohio. 
Norfolk  &  Western. 
Southern  Railway. 


exempt. 


5  per  cent. 


Digest  of  Inheritance  Tax  Laws 


WASHINGTON 

Property  passing  for  charitable  purposes  and 
for  the  relief,  education  or  support  of  the  poor  is 
exempt. 

Father,  mother,  husband,  wife,  lineal  descend- 
ant, adopted  child  or  lineal  descendant  thereof: 


$10,000  or  less 
Excess  above  $10,000 


exempt. 
1  per  cent. 


Heirs  to  and  including  the  third  degree  of  re- 
lationship, as  brother,  sister,  uncle,  aunt,  nephew 
or  niece: 

Amounts  of  $50,000  or  less  3     per  cent, 

between  $50,000  and  $100,000     43^  per  cent, 
above  $100,000  6     per  cent. 


ti 


tt 


All  other  beneficiaries : 

Amounts  of  $50,000  or  less 

between  $50,000  and  $100,000 
above  $100,000 


ti 


« 


6  per  cent. 

9  per  cent. 

12  per  cent. 


Lihhey  ^  Struthers 


70 


Libbey  (%  Struthers 


71 


Digest  of  Inheritance  Tax  Laws 


Digest  of  Inheritance  Tax  Laws 


If 


i 

i 

m 

I 
H 


WEST  VIRGINIA 

Property  bequeathed  for  educational,  scientific, 
religious,  or  charitable  purposes  in  the  State  of 
West  Virginia  is  exempt. 

Husband,  wife,  lineal  descendant,  or  lineal  an- 
cestor : 


$10,000  or  less 

$15,000  or  less  (to  a  widow) 

Amounts  of  $25,000  or  less 


If 


a 


u 


u 


exempt. 

exempt. 

1  per  cent. 

on  excess  over  exemption. 

between    $25,000  and    $50,000   IJ^  per  cent. 

$50,000  and  $100,000  2     percent. 

$100,000  and  $500,000   23^  per  cent. 

above  $500,000  3     per  cent. 


tt 


a 


Brother  or  sister  (not  including  half  brother  or 
half  sister): 

Amounts  of  $25,000  or  less  3     per  cent. 

"        between    $25,000  and    $50,000  43^  per  cent. 

$50,000  and  $100,000  6     per  cent. 

$100,000  and  $500,000  73^  per  cent. 

above  $500,000                    .  9     per  cent. 


u 


u 


u 


n 


u 


All  other  beneficiaries: 

Amounts  of  $25,000  or  less  5    per  cent. 

"        between    $25,000  and    $50,000   7J^  per  cent. 
"  "         $50,000  and  $100,000 10     percent. 

"  "       $100,000  and  $500,000  123^  per  cent. 

"       above  $500,000  15     per  cent. 

A  transfer  of  personal  property  of  a  resident  of 
West  Virginia,  v^hich  is  not  within  the  state  at  the 

Continued 


Libbey  §  Struthers 


72 


WEST  ymGmik— Continued 

time  of  his  death,  shall  not  be  taxable  under  this 
act,  if  subject  in  any  other  state  or  country  to  a 
tax  of  like  character  and  amount  to  that  hereby 
imposed,  if  such  other  tax  be  actually  paid  or 
guaranteed.  If  subject  in  another  state  or  coun- 
try to  a  tax  of  like  character  but  of  less  amount, 
the  property  shall  be  taxable  under  the  West 
Virginia  laws  to  the  extent  of  the  difference  be- 
tween such  other  tax  and  the  amount  for  which 
the  property  would  be  liable  under  West  Virginia 
laws. 

In  the  case  of  foreign  estates,  the  laws  of  West 
Virginia  impose  an  inheritance  tax  on  stocks  or 
registered  bonds  of  corporations  organized  in  West 
Virginia,  the  certificates  for  which  shall  be  held 
vdthout  the  state,  where  the  laws  of  the  state  or 
country  where  such  decedent  resided  shall  at  the 
time  of  his  death,  impose  a  similar  tax  upon  the 
shares  of  the  capital  stock  or  registered  bonds  of 
corporations  organized  under  the  laws  of  such 
state  or  country  and  held  by  a  resident  of  West 
Virginia. 

Railroad  Stocks 
Pittsburgh,  Cincinnati,  Chicago  &  St.  Louis. 


Libbey  8^  Struthers 


73 


ill 


^ 


■'* 


t 


Digest  of  Inheritance  Tax  Laws 


WISCONSIN 

Bequests  to  religious,  charitable  and  educa- 
tional corporations  of  Wisconsin  are  exempt. 

Husband,  wife,  lineal  descendant,  lineal  ances- 
tor, adopted  child  or  lineal  descendant  thereof : 

Amounts  of  $2,000  or  less  exempt. 

"   $10,000  or  less  (to  a  widow)  exempt. 

"   $25,000  or  less  1  per  cent. 

on  excess  over  exemptions. 

between    $25,000  and    $50,000   13^  per  cent. 

$50,000  and  $100,000   2     per  cent. 

$100,000  and  $500,000  2J^  per  cent. 

above  $500,000  3     per  cent. 


it 


u 


u 


it 


it 


it 


ti 


It 


Brother,  sister,  or  descendant  of  either,  wife  or 
widow  of  a  son  or  husband  of  a  daughter : 


Amounts  of  $500  or  less 
"         "   $25,000  or  less 


t( 


tt 
tt 


it 


ti 


exempt. 
IK  per  cent, 
on  excess  over  exemption, 
between  $25,000  and    $50,000   2^  per  cent. 
$50,000  and  $100,000   3     per  cent. 
$100,000  and  $500,000   3%  per  cent, 
above  $500,000  4^  per  cent. 


tt 


it 


Uncle,  aunt,  or  descendant  of  either: 


Amounts  of  $250  or  less 

"  $25,000  or  less 


it 


tt 


tt 
tt 
it 


exempt. 
3  per  cent, 
on  excess  over  exemption, 
between  $25,000  and  $50,000  43^  per  cent. 
$50,000 and  $100,000  6  percent. 
$100,000  and  $500,000  7J^  per  cent, 
above  $500,000  9     per  cent. 

ContiniLed 


n 


tt 


Libbey  §  Struthers 


Digest  of  Inheritance  Tax  Laws 

YflSCONSlN— Continued 

Granduncle,  grandaunt,  or  descendant  of  either: 

Amounts  of  $150  or  less  exempt. 

"    $25,000  or  less  4  per  cent. 

on  excess  over  exemption. 

between    $25,000  and    $50,000  6  per  cent. 

$50,000  and  $100,000  8  per  cent. 

$100,000  and  $500,000  10  per  cent. 

above  $500,000  12  per  cent. 


« 


u 


it 


tt 


tt 


All  other  beneficiaries : 

Amounts  of  $100  or  less 

"  $25,000  or  less 


(( 


tt 


tt 


tt 


tt 


tt 


tt 


10  per  cent. 
12}^  per  cent. 
15     per  cent. 


exempt. 

5     per  cent. 

on  excess  over  exemption. 

between  $25,000  and  $50,000        7  H  per  cent. 

$50,000  to  $100,000 

$100,000  to  $500,000 

above  $500,000 

Railroad  Stocks 
Chicago,  Milwaukee  &  St.  Paul. 
Chicago  &  Northwestern. 
Chicago,  St.  Paul,  Minneapolis  &  Omaha. 
Minneapolis,  St.  Paul  &  Sault  Ste.  Marie. 
Northern  Pacific. 
Wisconsin  Central. 


Libbey  S^  Struthers 


74 


75 


1 


if!  I 


Digest  of  Inheritance  Tax  Laws 

WYOMING 

Father,  mother,  husband,  wife,  child,  brother, 
sister,  wife  or  widow  of  a  son  or  husband  of  a 
daughter,  lineal  descendant  or  adopted  child  : 

$10,000  or  less 
Excess  over  $10,000 

All  other  beneficiaries: 

All  bequests  5  per  cent. 

Provided  that  any  estate  which  may  be  valued  at  less 
than  $500  shall  not  be  subject  to  tax. 


exempt. 
2  per  cent. 


Libbey  8^  Struthers 


76 


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